Factoring is a simple tool that can make doing business in the staffing industry less stressful.Advantages Of Factoring For Staffing Companies You’ll receive 90% or more of the total face value of the invoices upfront with the remainder paid (minus the factor’s fee) when the factor receives payment from your client. Once the invoice has been sold to the factor, you’re done! The factor collects on the invoice from your customers. Pay a fee and receive upfront cash to use for any business need.Find a factor that will buy your invoices.Submit your invoices to your customers as usual.Since the factoring company is actually buying the invoices, staffing factoring is not considered a loan or a cash advance. A staffing factoring company buys invoices (accounts receivables) from other businesses. Lastly, when you are ready to engage with a factoring company for your financing needs, let it be TemPay! Contact us here and let’s have a conversation.Staffing factoring is a straightforward process. Learn more about TemPay as a payroll funding & factoring company you can trust. See frequently asked questions about payroll factoring. Walk through TemPay’s payroll factoring process.
Learn more about payroll factoring from TemPay: See our infographic on full-service payroll factoring.
What is full-service payroll factoring? With full-service factoring, a factoring company like TemPay not only provides funding but also cuts your paychecks, prints your invoices, pays and files your payroll taxes, prepares and provides W-2s to your employees, and prepares and files your quarterly and annual payroll tax returns. View our infographic on how money-only payroll factoring with TemPay works. Your agency then processes its own paychecks, prints invoices, and pays and files payroll taxes. What is money-only payroll factoring? With money-only payroll factoring, a factoring company such as TemPay will wire money into your company’s account for eligible accounts receivable to cover expenses. Types of payroll factoring for a staffing agencyĭepending on what type of funding your business needs, you can apply for full-service factoring, which includes assistance with payroll administration, or money-only factoring, which is funding only. TemPay, for example, advances 90 percent or more of a total invoice – among the highest advance rates in the industry. Payroll factoring essentially allows your staffing agency to “sell” its accounts receivable invoices to the factoring company for a fee, in return for upfront cash to pay your employees and other related parties. The benefits of partnering with a payroll factoring company include greater flexibility for growth, reliable cash flow and the ability to pay temporary employees on time. But what is payroll factoring for staffing companies? How is it different from bank financing or another payroll funding source? And is it even the best of the payroll financing solutions for your agency to decide to work with a factoring company for your funding needs? Many staffing agencies choose to finance their payroll invoices through a factoring company such as TemPay LLC. Yet one of the biggest financial challenges is payroll funding for your temporary team. Staffing agencies have a wide range of financial obligations, from workers’ compensation insurance and office rent or mortgage to advertising and marketing and office equipment upkeep and purchases. Their unlimited funding allows us to retain jobs and concentrate on acquiring new business, while knowing weekly paychecks will be delivered and state taxes filed on time.” 
“We have relied on TemPay for our payroll funding needs for two decades. We give TemPay our highest rating for their effective partnership with us.
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